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Revenues from Contracts with Customers (Tables) | 12 Months Ended
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Dec. 31, 2024
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, | ​
​ |  | 2024 |  | 2023 |  | 2022 |
​ | ​ | (in millions) | ​
Revenue from contracts with customers by segment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement and Income Solutions | ​ | $ | 667.1 | ​ | $ | 556.3 | ​ | $ | 551.4 | ​
Principal Asset Management: | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​
Investment Management | ​ | ​ | 1,694.5 | ​ |  | 1,627.6 | ​ |  | 1,743.4 | ​
International Pension | ​ | ​ | 371.6 | ​ | ​ | 383.1 | ​ | ​ | 356.8 | ​
Eliminations | ​ | ​ | (15.8) | ​ | ​ | (21.1) | ​ | ​ | (22.6) | ​
Total Principal Asset Management | ​ | ​ | 2,050.3 | ​ | ​ | 1,989.6 | ​ | ​ | 2,077.6 | ​
Benefits and Protection: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Specialty Benefits | ​ | ​ | 15.4 | ​ |  | 15.9 | ​ |  | 15.1 | ​
Life Insurance | ​ | ​ | 94.4 | ​ |  | 74.0 | ​ |  | 65.1 | ​
Eliminations | ​ | ​ | (0.1) | ​ |  | (0.1) | ​ |  | (0.1) | ​
Total Benefits and Protection | ​ | ​ | 109.7 | ​ |  | 89.8 | ​ |  | 80.1 | ​
Corporate | ​ | ​ | 226.3 | ​ |  | 179.2 | ​ |  | 166.7 | ​
Total segment revenue from contracts with customers | ​ | ​ | 3,053.4 | ​ |  | 2,814.9 | ​ |  | 2,875.8 | ​
Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1) | ​ | ​ | 1,192.4 | ​ |  | 1,200.5 | ​ |  | 1,172.8 | ​
Pre-tax other adjustments (2) | ​ | ​ | 74.7 | ​ |  | 80.5 | ​ |  | 89.2 | ​
Total fees and other revenues per consolidated statements of operations |  | $ | 4,320.5 |  | $ | 4,095.9 |  | $ | 4,137.8 | ​
(1) | Fees and other revenues not within the scope of the revenue recognition guidance primarily represent revenue on contracts accounted for under the financial instruments or insurance contracts standards.
(2) | Pre-tax other adjustments relate to revenues from exited business, certain variable annuity fees and market value adjustments to fee revenues.
Retirement and Income Solutions |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, |
​ |  | 2024 |  | 2023 |  | 2022 |
​ | ​ | (in millions) |
Administrative service fee revenue | ​ | $ | 651.1 | ​ | $ | 539.5 | ​ | $ | 537.0 | ​
Deposit account fee revenue | ​ | ​ | 12.4 | ​ | ​ | 11.3 | ​ | ​ | 10.2 | ​
Commission income | ​ | ​ | 3.6 | ​ | ​ | 1.9 | ​ | ​ | 1.2 | ​
Other fee revenue | ​ |  | — | ​ |  | 3.6 | ​ |  | 3.0 | ​
Total revenues from contracts with customers | ​ |  | 667.1 | ​ |  | 556.3 | ​ |  | 551.4 | ​
Fees and other revenues not within the scope of revenue recognition guidance | ​ |  | 1,123.3 | ​ |  | 1,118.7 | ​ |  | 1,114.0 | ​
Total fees and other revenues | ​ |  | 1,790.4 | ​ |  | 1,675.0 | ​ |  | 1,665.4 | ​
Premiums and other considerations | ​ |  | 3,136.9 | ​ |  | 2,935.0 | ​ |  | 1,959.7 | ​
Net investment income | ​ |  | 3,048.8 | ​ |  | 2,640.2 | ​ |  | 2,274.1 | ​
Total operating revenues | ​ | $ | 7,976.1 | ​ | $ | 7,250.2 | ​ | $ | 5,899.2 | ​
Principal Asset Management | International Pension |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, |
​ |  | 2024 |  | 2023 |  | 2022 |
​ |  | (in millions) | ​
International Pension: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Management fee revenue | ​ | $ | 356.6 | ​ | $ | 363.8 | ​ | $ | 335.0 | ​
Other fee revenue | ​ |  | 15.0 | ​ |  | 19.3 | ​ |  | 21.8 | ​
Total revenues from contracts with customers | ​ |  | 371.6 | ​ |  | 383.1 | ​ |  | 356.8 | ​
Fees and other revenues not within the scope of revenue recognition guidance | ​ |  | 5.4 | ​ |  | 5.8 | ​ |  | 5.3 | ​
Total fees and other revenues | ​ |  | 377.0 | ​ |  | 388.9 | ​ |  | 362.1 | ​
Premiums and other considerations | ​ |  | 28.7 | ​ |  | 29.0 | ​ |  | 77.7 | ​
Net investment income | ​ |  | 580.4 | ​ |  | 636.8 | ​ |  | 900.7 | ​
Total operating revenues | ​ | $ | 986.1 | ​ | $ | 1,054.7 | ​ | $ | 1,340.5 | ​
Principal Asset Management | Investment Management |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, |
​ |  | 2024 |  | 2023 |  | 2022 |
​ | ​ | (in millions) |
Investment Management: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Management fee revenue | ​ | $ | 1,533.8 | ​ | $ | 1,441.0 | ​ | $ | 1,500.0 | ​
Other fee revenue | ​ |  | 160.7 | ​ |  | 186.6 | ​ |  | 243.4 | ​
Total revenues from contracts with customers | ​ | ​ | 1,694.5 | ​ |  | 1,627.6 | ​ |  | 1,743.4 | ​
Fees and other revenues not within the scope of revenue recognition guidance | ​ | ​ | 20.9 | ​ |  | 24.4 | ​ |  | 27.4 | ​
Total fees and other revenues | ​ | ​ | 1,715.4 | ​ |  | 1,652.0 | ​ |  | 1,770.8 | ​
Net investment income | ​ | ​ | 105.3 | ​ |  | 97.6 | ​ |  | 94.0 | ​
Total operating revenues | ​ | $ | 1,820.7 | ​ | $ | 1,749.6 | ​ | $ | 1,864.8 | ​
Benefits and Protection | Specialty Benefits |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, |
​ |  | 2024 |  | 2023 |  | 2022 |
​ | ​ | (in millions) |
Specialty Benefits: |  | ​ |  |  | ​ |  |  | ​ |  | ​
Administrative service fees | ​ | $ | 15.4 | ​ | $ | 15.9 | ​ | $ | 15.1 | ​
Total revenues from contracts with customers | ​ |  | 15.4 | ​ |  | 15.9 | ​ |  | 15.1 | ​
Fees and other revenues not within the scope of revenue recognition guidance | ​ |  | 17.9 | ​ |  | 18.2 | ​ |  | 18.6 | ​
Total fees and other revenues | ​ |  | 33.3 | ​ |  | 34.1 | ​ |  | 33.7 | ​
Premiums and other considerations | ​ |  | 3,223.9 | ​ |  | 3,020.9 | ​ |  | 2,771.1 | ​
Net investment income | ​ |  | 191.6 | ​ |  | 174.4 | ​ |  | 179.8 | ​
Total operating revenues | ​ | $ | 3,448.8 | ​ | $ | 3,229.4 | ​ | $ | 2,984.6 | ​
Benefits and Protection | Life Insurance |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, | ​
​ |  | 2024 |  | 2023 |  | 2022 | ​
​ | ​ | (in millions) | ​
Life Insurance: | ​ |  |  | ​ |  |  | ​ |  |  | ​
Administrative service fees | ​ | $ | 39.3 | ​ | $ | 31.2 | ​ | $ | 27.6 | ​
Commission income | ​ |  | 55.1 | ​ |  | 42.8 | ​ |  | 37.5 | ​
Total revenues from contracts with customers | ​ |  | 94.4 | ​ |  | 74.0 | ​ |  | 65.1 | ​
Fees and other revenues not within the scope of revenue recognition guidance | ​ |  | 341.5 | ​ |  | 333.3 | ​ |  | 321.5 | ​
Total fees and other revenues | ​ |  | 435.9 | ​ |  | 407.3 | ​ |  | 386.6 | ​
Premiums and other considerations | ​ |  | 491.6 | ​ |  | 514.9 | ​ |  | 535.9 | ​
Net investment income | ​ |  | 413.5 | ​ |  | 401.5 | ​ |  | 396.3 | ​
Total operating revenues | ​ | $ | 1,341.0 | ​ | $ | 1,323.7 | ​ | $ | 1,318.8 | ​
Corporate |
Revenues from Contracts with Customers |
Disaggregation of Revenues from Contracts with Customers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, | ​
​ |  | 2024 |  | 2023 |  | 2022 | ​
​ | ​ | (in millions) | ​
Commission income | ​ | $ | 482.0 | ​ | $ | 373.9 | ​ | $ | 366.2 | ​
Other fee revenue | ​ | ​ | 89.1 | ​ | ​ | 84.1 | ​ | ​ | 79.7 | ​
Eliminations | ​ |  | (344.8) | ​ |  | (278.8) | ​ |  | (279.2) | ​
Total revenues from contracts with customers | ​ |  | 226.3 | ​ |  | 179.2 | ​ |  | 166.7 | ​
Fees and other revenues not within the scope of revenue recognition guidance | ​ |  | (315.9) | ​ |  | (299.0) | ​ |  | (312.6) | ​
Total fees and other revenues | ​ |  | (89.6) | ​ |  | (119.8) | ​ |  | (145.9) | ​
Premiums and other considerations | ​ | ​ | (5.2) | ​ | ​ | (14.5) | ​ | ​ | (4.2) | ​
Net investment income | ​ |  | 171.6 | ​ |  | 210.7 | ​ |  | 167.2 | ​
Total operating revenues | ​ | $ | 76.8 | ​ | $ | 76.4 | ​ | $ | 17.1 | ​

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